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Why Is Hawaiian Holdings (HA) Up 36.1% Since Last Earnings Report?
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A month has gone by since the last earnings report for Hawaiian Holdings (HA - Free Report) . Shares have added about 36.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Hawaiian Holdings due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Wider-Than-Expected Loss in Q2
Hawaiian Holdings’ second-quarter 2024 loss (excluding 7 cents from non-recurring items) of $1.37 per share was wider than the Zacks Consensus Estimate of a loss of $1.27. HA had incurred a loss of 47 cents per share in the year-ago quarter. Passenger revenues increased 3.3% year over year. The top line increased 3.5% to $731.9 million but fell short of the Zacks Consensus Estimate of $749.3 million.
For the third quarter of 2024, available seat miles or ASM are projected to increase 5.5-8.5% from third-quarter 2023 levels. Total revenues per available seat miles are anticipated to be down in the 1.5-4.5% range from the year-ago level. Costs per ASM (excluding fuel & non-recurring items) are expected to either decline by 1.5% or increase up to 1.5% from third-quarter 2023 numbers. Gallons of jet fuel consumed are expected to increase 3-6% from the third-quarter 2023 level. Adjusted fuel price per gallon is expected to be $2.71 in the third quarter of 2024.
ASMs are projected to increase in the 4-7% band for 2024. Costs per ASM (excluding fuel & non-recurring items) for 2024 are expected to rise 0.5-3.5% from 2023 actuals. Adjusted fuel price per gallon is expected to be $2.71 in the current year. Gallons of jet fuel consumed are expected to increase 2.5-5.5% from the 2023 level. Current-year capex is expected in the $350-$400 million range.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -320.79% due to these changes.
VGM Scores
At this time, Hawaiian Holdings has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Hawaiian Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Hawaiian Holdings is part of the Zacks Transportation - Airline industry. Over the past month, Southwest Airlines (LUV - Free Report) , a stock from the same industry, has gained 6.5%. The company reported its results for the quarter ended June 2024 more than a month ago.
Southwest reported revenues of $7.35 billion in the last reported quarter, representing a year-over-year change of +4.5%. EPS of $0.58 for the same period compares with $1.09 a year ago.
Southwest is expected to post a loss of $0.24 per share for the current quarter, representing a year-over-year change of -163.2%. Over the last 30 days, the Zacks Consensus Estimate has changed -5386.1%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Southwest. Also, the stock has a VGM Score of D.
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Why Is Hawaiian Holdings (HA) Up 36.1% Since Last Earnings Report?
A month has gone by since the last earnings report for Hawaiian Holdings (HA - Free Report) . Shares have added about 36.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Hawaiian Holdings due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Wider-Than-Expected Loss in Q2
Hawaiian Holdings’ second-quarter 2024 loss (excluding 7 cents from non-recurring items) of $1.37 per share was wider than the Zacks Consensus Estimate of a loss of $1.27. HA had incurred a loss of 47 cents per share in the year-ago quarter. Passenger revenues increased 3.3% year over year. The top line increased 3.5% to $731.9 million but fell short of the Zacks Consensus Estimate of $749.3 million.
For the third quarter of 2024, available seat miles or ASM are projected to increase 5.5-8.5% from third-quarter 2023 levels. Total revenues per available seat miles are anticipated to be down in the 1.5-4.5% range from the year-ago level. Costs per ASM (excluding fuel & non-recurring items) are expected to either decline by 1.5% or increase up to 1.5% from third-quarter 2023 numbers. Gallons of jet fuel consumed are expected to increase 3-6% from the third-quarter 2023 level. Adjusted fuel price per gallon is expected to be $2.71 in the third quarter of 2024.
ASMs are projected to increase in the 4-7% band for 2024. Costs per ASM (excluding fuel & non-recurring items) for 2024 are expected to rise 0.5-3.5% from 2023 actuals. Adjusted fuel price per gallon is expected to be $2.71 in the current year. Gallons of jet fuel consumed are expected to increase 2.5-5.5% from the 2023 level. Current-year capex is expected in the $350-$400 million range.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -320.79% due to these changes.
VGM Scores
At this time, Hawaiian Holdings has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Hawaiian Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Hawaiian Holdings is part of the Zacks Transportation - Airline industry. Over the past month, Southwest Airlines (LUV - Free Report) , a stock from the same industry, has gained 6.5%. The company reported its results for the quarter ended June 2024 more than a month ago.
Southwest reported revenues of $7.35 billion in the last reported quarter, representing a year-over-year change of +4.5%. EPS of $0.58 for the same period compares with $1.09 a year ago.
Southwest is expected to post a loss of $0.24 per share for the current quarter, representing a year-over-year change of -163.2%. Over the last 30 days, the Zacks Consensus Estimate has changed -5386.1%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Southwest. Also, the stock has a VGM Score of D.